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Income Tax Penalty

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How Penalty Under Section 270A Can Be Avoided

Income Tax : Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 2...

April 9, 2024 2268 Views 0 comment Print

A Critical Appreciation of Ranchi Bench of ITAT in Rakesh Kr. Jha vs. ITO

Income Tax : Explore recent ITAT judgment in Rakesh Kr. Jha vs. ITO, delving into interpretation of Sections 271A and 271B, highlighting confli...

November 29, 2023 1305 Views 0 comment Print

Penalties for not Maintaining Documents for Specified Domestic Transactions

Income Tax : Penalties for failing to maintain records of specified domestic transactions. Learn about arm's length pricing & essential documen...

November 3, 2023 6156 Views 0 comment Print

Supreme Court Ruling on TDS Penalty in US Technologies Case – A Detailed Analysis

Income Tax : Read about Supreme Court's decision in US Technologies case regarding TDS penalty under Section 271C of Income Tax Act, 1961, for ...

September 30, 2023 2166 Views 0 comment Print

Wrong Income Tax Refund Claims: Consequences & Remedies

Income Tax : Explore the consequences of making incorrect income tax refund claims and the associated legal ramifications. Understand the penal...

August 20, 2023 3024 Views 0 comment Print

Latest News

Late Fees, Interest, threat to levy penalty or to initiate prosecution – Tax Terrorism

CA, CS, CMA : People are held hostage in a cyber-world with ransom in the form of Late Fees and Interest and a threat to levy penalty or to init...

October 21, 2022 19302 Views 6 comments Print

Indiscriminate Income Tax notices without allowing reasonable time

Income Tax : In view of Indiscriminate notices by income Tax Department without allowing reasonable time it is requested to Finance Ministry an...

March 20, 2022 12801 Views 0 comment Print

Extend Time Limit for Income Tax Assessment time barring on 31.3.2022

Income Tax : Lucknow CA Tax Practicioners Association has made a Representation to FM for Extension of Time Limit for Assessment cases time bar...

March 20, 2022 40974 Views 2 comments Print

Request for Rationalisation of Section 270AA Penalty Provisions

Income Tax : A reasonable leniency may be exercised by the AOs to allow the Taxpayer’s who have paid the tax and interest beyond the time lim...

August 22, 2021 4392 Views 1 comment Print

Section 234F Fee for delayed filing of return causing undue hardship

Income Tax : The Finance Bill, 2017 proposes to levy fees of Rs.5,000 in case where return is furnished after the due date but on or before 31S...

January 21, 2020 65997 Views 31 comments Print

Latest Judiciary

Section 271(1)(c) Penalty Unsustainable if Quantum addition Deleted

Income Tax : In a case of DCIT Vs Milan Kavin Parikh, ITAT Mumbai dismisses Revenue's appeal against deletion of penalty under Section 271(1)(c...

April 9, 2024 306 Views 0 comment Print

No Section 270A Penalty if No Misreporting or Underreporting by Assessee

Income Tax : Detailed analysis of Mahendra N. Patel Vs DCIT case where ITAT Ahmedabad nullifies penalty due to absence of misreporting or under...

April 3, 2024 729 Views 0 comment Print

Section 271D Penalty: ITAT Directs AO to Verify Reasonable Cause for Cash Loan

Income Tax : In the case of SVT Wholesale Pvt. Ltd. Vs JCIT, the ITAT Bangalore evaluates the penalty imposed under Section 271D for violating ...

March 31, 2024 423 Views 0 comment Print

Section 270A(9)(a) Penalty Cannot be Levied for Adhoc Disallowance of Expenditure

Income Tax : VDB Infra vs. ITO: ITAT Bangalore case involves TDS deduction dispute resulting in penalty deletion under Section 270A(9)(a) by th...

March 27, 2024 801 Views 0 comment Print

Mere Allowable Deductions Variance is not Inaccurate furnishing of Income Particulars

Income Tax : Explore the Bombay High Court's ruling on PCIT vs. ICICI Bank Ltd regarding accuracy in income reporting and the deletion of penal...

March 24, 2024 402 Views 2 comments Print

Latest Notifications

Scope of Penalties to be assigned to Faceless Penalty Scheme, 2021

Income Tax : Order under Para 3 of the Faceless Penalty Scheme, 2021, for defining the scope of ‘Penalties’ to be assigned to the F...

February 26, 2021 2649 Views 0 comment Print

Limitation for penalty proceedings U/s. 271D & 271E

Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...

April 26, 2016 7300 Views 0 comment Print

Limitation commencement for penalty proceedings U/s. 271D &271E

Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...

April 26, 2016 2431 Views 0 comment Print

ITAT Kolkata Rules No Penalty Under Section 271(1)(c) if Addition Deleted

February 25, 2024 513 Views 0 comment Print

ITAT Kolkata decision: No penalty under Section 271(1)(c) for Kalna II CADP Farmers Service Co-Op. Society after deletion of the addition basis for penalty.

No Section 271(1)(c) Penalty for Stamp Authority Valuation Discrepancy: ITAT Ahmedabad

February 14, 2024 630 Views 0 comment Print

ITAT Ahmedabad rules accepting stamp authority valuation is not proof of incorrect sale consideration, removing penalty under Section 271(1)(c) of the Income Tax Act.

No 271(1)(c) Penalty Without Willful Concealment or Furnishing Inaccurate Details

February 13, 2024 483 Views 0 comment Print

Mumbai ITAT deletes penalty under section 271(1)(c) for Eureka Outsourcing Solutions, stating making an incorrect claim does not amount to furnishing inaccurate particulars.

ITAT Ahmedabad Deletes Penalty for Income Escapement on income disclosed voluntarily

February 13, 2024 483 Views 0 comment Print

ITAT Ahmedabad rules in favor of Kapilaben Patel, deleting the penalty under Section 271(1)(C) for undisclosed income, highlighting voluntary disclosure’s importance.

No Penalty for Excessive Depreciation Claim Due to bona fide Mistake

February 9, 2024 606 Views 0 comment Print

Mumbai ITAT quashes penalty in DCIT vs Sasan Power Ltd case, ruling that furnishing inaccurate expenditure claim does not constitute inaccurate particulars of income, citing bona fide mistake.

Bogus Purchase: No Penalty for Estimate-Based Additions

February 2, 2024 4164 Views 1 comment Print

ITAT concluded that the penalty levied under section 271(1)(c) of the Act was unsustainable due to the defect in the statutory notice and the fact that the penalty was imposed on additions made through estimation.

No Penalty on Estimated Addition for Bogus Purchases: ITAT Mumbai

February 1, 2024 294 Views 0 comment Print

Explore the case of Dombivali Paper Mfg. Co. challenging penalty under section 271(1)(c) for alleged bogus purchases. Detailed analysis, tribunal’s view, and legal insights provided.

Section 54F exemption disallowance cannot lead to imposition of penalty

February 1, 2024 315 Views 0 comment Print

Explore the case of Ramprasad Nigam vs ITO under Section 271(1)(c) for disallowed exemption claim under Section 54. The penalty is quashed based on accurate disclosure.

Section 271(1)(c) Penalty not imposable on Estimated Bogus Purchase Addition

January 31, 2024 663 Views 0 comment Print

ITAT Mumbai held in Supertech Construction Company Vs ACIT that penalty notice lacked clarity on grounds for penalty & penalties cannot be levied on additions made on Estimated Bogus Purchase Addition.

ITAT deletes Section 271(1)(c) Penalty s Notice Issued without specifying limb

January 31, 2024 3801 Views 0 comment Print

Read the full text of ITAT Delhi’s order in Orient Clothing Co. vs. ACIT. Penalty under section 271(1)(c) deleted due to vague notices. Analysis and implications discussed.

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